Shinhan Bank Launches Specialized Financial Package for Military Officers...Credit Loan Interest Rate Cut by 0.4%p

Shinhan Bank announced on the 4th that it will introduce a specialized financial package for military officers to support their stable asset accumulation and ease their financial burdens.

This package consists of a 'Military-Exclusive Credit Loan Interest Rate Reduction' and the 'Shinhan Long-Term Service Leap Installment Savings,' designed to help long-serving military officers build up substantial savings.

Shinhan Bank will lower the interest rate of its military-exclusive credit loan by approximately 0.4 percentage points within this month, thereby reducing financial costs for career soldiers and those working in military-related fields. The scope of eligible loan recipients has been expanded since last year to include not only military personnel but also public servants and permanent employees affiliated with the military, allowing more people in military-related occupations to benefit from the program.

In addition, on March 3, Shinhan Bank launched the 'Shinhan Long-Term Service Leap Installment Savings.' This product is part of a long-term service officer support program led by the Ministry of National Defense and jointly participated in by the Military Mutual Aid Association and Shinhan Bank. It targets officers and non-commissioned officers serving long-term. The savings product has a 3-year maturity, with monthly contributions ranging from 100,000 won to a maximum of 300,000 won. The interest rate consists of a basic annual rate of 5.5%, with an additional preferential rate of 0.2 percentage points, making the maximum possible annual rate 5.7%.

The preferential interest rate is applied as follows: ▲ An additional 0.1 percentage points annually if there has been a record of regular salary deposits to a Shinhan Bank account for more than 20 months; ▲ An additional 0.1 percentage points annually if there has been a record of Shinhan Card (credit or debit) payments through a Shinhan Bank account for more than 20 months. The Ministry of National Defense will match the monthly deposit amount, so at maturity, depositors can receive more than twice the principal amount they have paid in.

A Shinhan Bank representative stated, "The purpose of this package is to help military officers who choose long-term service to plan their futures on a stable financial foundation," and added, "We will continue to expand tailored financial support that military officers and related personnel, who devote themselves to the nation, can truly benefit from."

This content was produced with the assistance of AI translation services.